On Monday at 10:46 AM (Bangkok time), the share price of Gunkul Engineering Public Company Limited (SET: GUNKUL) rose by 3.00% to THB 0.15 to THB 5.15, with a trading value of THB 314.86 million.
Gulf Development Public Company Limited (SET: GULF) surged 0.41% or THB 0.25 to THB 61.50, with a trading value of THB 271.56 million.
Global Power Synergy Public Company Limited (SET: GPSC) grew by 0.52% or THB 0.25 to THB 48.50, with a trading value of THB 64.40 million.
B.Grimm Power Public Company Limited (SET: BGRIM) increased by 1.08% or THB 0.20 to THB 18.80, with a trading value of THB 152.51 million.
Electricity Generating Public Company Limited (SET: EGCO) gained 1.94% or THB 2.50 to THB 131.50, with a trading value of THB 129.74 million.
BCPG Public Company Limited (SET: BCPG) added 2.27% or THB 0.15 to THB 6.75, with a trading value of THB 29.81 million.
According to Krungsri Securities (KSS), Thailand’s Ministry of Energy is set to expand the country’s solar rooftop electricity buy-back quota from the public sector to 10,000MW, up from the previous 500MW. The new policy offers a feed-in tariff of THB 2.20 per unit and extends the power purchase agreement (PPA) period to 20 years from the previous 10 years. Each household can install around 5kW of solar panels.
This change aligns with the Provincial Electricity Authority (PEA)’s announcement of the updated Grid Code, scheduled to begin operations from December 10, 2026, designed to accommodate increased renewable energy integration from both the Electricity Generating Authority of Thailand (EGAT) and the public sector.
Krungsri views this as a positive sentiment for GUNKUL, even though solar rooftop still accounts for only 6-7% of the company’s total revenue. The sector is expected to continue growing, supported by government measures such as:
- Expanding the buy-back quota to 10,000MW;
- Offering a tax deduction up to THB 200,000 per household for installing solar rooftops;
- Providing THB 30,000 installation support per household from the 400-billion-baht loan decree.
Investment in grid infrastructure remains a strong, upward trend, since the rising share of renewable—especially household solar—necessitates long-term grid upgrades. This is required to tackle technical challenges like two-way electricity flow, fluctuating supply, and maintaining system stability. Investments are projected to reach THB 100 billion over the next five years and THB 360–700 billion between 2029 and 2050 in line with the PDP 2026 plan.
Krungsri maintains its estimate and price target for GUNKUL at THB 5.40 per share, with current backlog around THB 4.5 billion. Major project bids are expected from 2027 onward.
The brokerage reiterates a bullish stance on power plant operators, especially those set to benefit from the data center investment trend. GULF (Buy, TP27 THB 77.00) and GPSC (Buy, THB 61.00) are favored as top picks, with strong capital, available land, and proven track records. Furthermore, both stocks are trading at undemanding 2026 valuations, at -0.5SD below the five-year average.
Other recommendations include: WHAUP (Buy, TP27 THB 9.70), BGRIM (Buy, THB 23.00), and ‘Neutral’ ratings for EGCO (THB 124.00), RATCH (THB 40.00), GUNKUL (THB 5.40), BCPG (THB 7.50), TTW (THB 10.00), and CKP (THB 2.10).
